Cablevision 2013 Annual Report Download - page 188
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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-79
Capital Expenditures
Capital expenditures of $5,639 related to Superstorm Sandy included replacement of various segments of
the Company's network and the purchase of equipment necessary to expedite restoration of service.
The table above summarizes incremental costs and service outage credits and therefore does not include
various other negative financial impacts to the Company's business resulting from Superstorm Sandy,
including lower revenue related to customers for whom we decided to temporarily suspend billing during
the restoration of their homes, displaced homes and advertising cancelations.
Common Stock Repurchases
In June 2010, Cablevision's Board of Directors authorized the repurchase of up to $500,000 of CNYG
Class A common stock. In February 2011, Cablevision's Board of Directors authorized the repurchase of
up to an additional $500,000 of CNYG Class A common stock. In May 2012, Cablevision's Board of
Directors authorized the repurchase of up to another $500,000 of CNYG Class A common stock giving
the Company the ability to repurchase up to a total of $1,500,000 of CNYG Class A common stock since
inception of the program. Under the repurchase program, shares of CNYG Class A common stock may
be purchased from time to time in the open market. Size and timing of these purchases will be
determined based on market conditions and other factors. Funding for the repurchase program will be
met with cash on hand, cash from operations, and/or borrowings under CSC Holdings' revolving loan
facility, which would be distributed to Cablevision.
During the year ended December 31, 2013, Cablevision did not repurchase any shares of CNYG Class A
common stock. Since inception through December 31, 2013, Cablevision repurchased an aggregate of
45,282,687 shares for a total cost of $1,044,678, including commissions of $453. These acquired shares
have been classified as treasury stock in Cablevision's consolidated balance sheets. As of December 31,
2013, Cablevision had $455,322 of availability remaining under its stock repurchase authorizations.
NOTE 20. SUBSEQUENT EVENTS
On February 25, 2014, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share
payable on April 3, 2014 to stockholders of record on both its CNYG Class A common stock and CNYG
Class B common stock as of March 14, 2014.